BREAKING: Steel plant's new name revealed (5 photos)

Essar Steel Algoma CEO Kalyan Ghosh announced this morning that the local steelmaker will return to its roots, with a new name that makes a nod to the company's long history.

"Effective immediately, we will have a new name, a new brand, a new path and a renewed spirit," said Ghosh. "Effective today, we are Algoma"

Steel plant spokesperson Brenda Stenta said the company's restructuring under the Companies' Creditors Arrangement Act is "ongoing."

“We will continue to do business while under CCAA, but from this day forward we will do business as Algoma,” said Stenta.

SooToday journalists are on scene and will have more on this story today.

SooToday cameras recorded the announcement live. Watch a replay below:

Full text of a news release issued today regarding the rebranding follows.

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Algoma returns to its roots

A company with inseparable ties to Sault Ste. Marie and a rich, century-old steelmaking tradition is returning to its roots.

After a decade known as Essar Steel Algoma, the historic steel manufacturer has launched its new brand: Algoma. Today during a ceremony at its facilities on the shores of the St. Marys River employees gathered to mark a new chapter in Algoma's history. The rebranding harkens back to variations of the company's name since it opened in 1901, and aims to reflect a long legacy of delivering top-quality steel products and service.

"Algoma is synonymous with the region. We are a part of the community as much as the community is a part of us," says Kalyan Ghosh, Chief Executive Officer. "Our company and community are proud of the name Algoma, a name that has always been associated with steel. It was only natural to return to our roots."

As a founding industry and the largest employer in Sault Ste. Marie, Algoma has a direct interest in advancing and preserving the quality of life in the community. Despite challenging market conditions in the steel sector in recent years, Algoma is continuing to evolve and grow as a company, committed to carrying on its proven reputation for quality, innovation and creative solutions to meet the individual needs of customers.

"We are proud of what we've accomplished, and we are excited for the future. We will continue to be innovative, tenacious and responsive. It is time for us to set a course for a strong future as a reliable supplier, and to focus on what we do best: making exceptional quality steel," says Mr. Ghosh.

About Algoma

Algoma is based in Sault Ste. Marie, Ontario. As a fully integrated steel producer, the Company manufactures hot and cold rolled steel products including sheet and plate.

Essar Steel Algoma Inc. filed for creditor protection under the Company's Creditors Arrangement Act on Nov. 9, 2015. The Sale and Investment Solicitation Process was launched on Feb. 11, 2016. Relevant documents can be found on the Monitor's website and on the Prime Clerk website.

While the company will be officially doing business as Algoma, the company remains Essar Steel Algoma Inc. for legal and financial purposes for the duration of the restructuring process.

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